Fiduciary Duties: Review

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Table of Contents

Introduction
Fiduciary Duties that Java Jet’s officers Owe to Java Jet
Type of Property
Recommendations for Java Jet to Help the Company Protect its Intellectual
Two regulations For Java Jet to Comply to Operate in New York
Difference between Comparative and International Law
Reference List

Introduction

In business arena, employees have different responsibilities. Business owners start businesses with an objective of profit realization. Therefore, it is the duty of employees to ensure that they take care of the employers’ properties, as well as money. There are various laws that govern and regulate businesses to ensure that they operate accordingly. Fiduciary is the relationship where an individual has the responsibility of taking care for the property of another individual. This relationship exists in persons who handle properties or money of others. It can also occur in contractual or employment relations where employees have the responsibility of care of the employers’ money or properties. Similarly, board members of a corporation have fiduciary roles that affect the decision they make. They should ensure that they avoid conflicts of interests, make decision based on protecting the company’s properties, as well as offering oversight to guarantee that all company’s transactions are legal (Kubasek, Browne, Herron, Giampetro-Meyer, Barkacs, Dhooge & Williamson, 2012).

Fiduciary Duties that Java Jet’s officers Owe to Java Jet

From the scenario involving the anticipated contract of Java Jet Corporation and Bright Lights, the Java Jet officers should make sure that they ensure that the contract has taken into consideration the interest and objectives of Java Jet Corporation. The Java’s officers have the responsibility of taking care of the company’s assets, avoiding conflict of interests and making decisions meant to protect the interest of the company. After, assessing the engagement process pertaining to the two firms, the Java Jet officers have acted as per the expectation. Therefore, the officers have not violate any of their duties in their endeavor of offering Bright Lights, Inc with specialized espresso machine that makes five specialized espresso drinks at a time. They have not indicated any conflict of interest in their decision and are pursuing the objectives of Java Jet cooperation of enhancing the wealth of the shareholders. Despite, the vice president of operation at Java having many shares at Bright Lights, the officer has not behaved in a manner to contravene the fiduciary law. The officer is acting in pursuit of the company’s objective of enhancing the wealth of the shareholders.

Type of Property

Bright Lights, Inc. has its principal place of business in Paris, France. It plans to extend its operations by operating specialized coffee houses in multiple locations both in Paris, as well as in New York. The Bright Lights, Inc is planning to own the intellectual property of specialized espresso machine that makes five specialized espresso drinks at a time to assist in proceeding with its anticipated venture.

Recommendations for Java Jet to Help the Company Protect its Intellectual

The continuous evolvement of technology has beneficial, as well as some shortcomings. For instance, the development of technology has boosted efficiency and production greatly. However, the tremendous evolvement in technology has promoted an increase and propagation of intellectual property infringement. This has resulted to spread and proliferation of counterfeit products, which have saturated the market and compromised the sale of genuine products. This has rendered some companies to perform very poorly despite doing well in being at par with innovations and inventions. Therefore, the officers at the Java Jet Company have a responsibility of making sure that the specialized espresso machine that makes five specialized espresso drinks at a time invented has been protected both in France, as well as in New York by getting appropriate patent. This is important in safeguarding production of counterfeit specialized espresso machine that makes five specialized espresso drinks at a time that may compromise the sale of the original machine (Gutterman, 2005).

Two regulations For Java Jet to Comply to Operate in New York

Java Jet Corporation will require complying with the law of product testing law to get approval in operating in New York City. Products for offer in international market are required to abide to specified international standards. Therefore, Java Jet Corporation will require verifying set up standard regulations to start operating in New York. It is important to note that product testing law is universal worldwide to avoid biasness where some countries can use it in suppressing operations of certain foreign corporations. In addition, Java Jet Company will require complying with the consumer protection law that cater for the quality and accuracy of information relayed to consumers about products and services including the safety of the products offered. The New York has adopted very strict regulatory laws that try to ensure the protection of consumers from substandard products. The New York product liability law is very strict Therefore it is important for Java Jet Corporation to ensure that its products meet the set standards to sell in New York to avoid the company experiencing substantial financial expenses from lawsuits from consumer harm by consumption of its products.

Difference between Comparative and International Law

It is important for engaging parties to learn the existing difference between comparative law and international law. Comparative law is the comparison of the laws of various countries. Comparative law has become very essential nowadays because of the continuous integration of the world economies following globalization and trade liberalization. International Law on the other hand, is a universal law that has no governing area or body. It includes various laws, customs and rules that direct legal associations between interacting nations, their organizations, governments and businesses encompassing their rights and responsibilities in their interactions (Gutterman, 2005).

Reference List

Gutterman, A. (2005). Legal Considerations in Operating in Foreign Markets: Local Laws in Foreign Countries. New York: Prentice Hall.

Kubasek, N. K., Browne, M. N., Herron, D. J., Giampetro-Meyer, A., Barkacs, L. L., Dhooge, L. J., & Williamson, C. (2012). Dynamic business law (2nd Ed.). New York, NY: McGraw-Hill/Irwin.

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